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Julich Research Center Inaugurates Europe's First 5,000+ Qubit Quantum Computer
The Advantage quantum computer, the predecessor to D-Wave’s new system (Lukas Schulze/Getty Images)

D-Wave Quantum reports lower-than-expected Q1 sales, though backlog booms on major deals

Bookings at the end of Q1 were $33.4 million, up from $13.4 million in Q4 and $1.6 million a year ago.

Luke Kawa

D-Wave Quantum fell short of analysts’ expectations for sales in Q1, but the agreements it’s reached in the first three months of the year are boosting its sales outlook for the quarters to come.

In Q1, the annealing-centric quantum computing company reported:

  • Revenues of $2.9 million (compared to analyst estimates of $4.1 million).

  • A loss per share of $0.05 (estimate: an $0.08 loss).

Shares are up about 3.5% as of 7:18 a.m. ET, though off their morning highs that came prior to the earnings release.

While the top-line figures fell short of expectations, D-Wave’s bookings (or backlog of future sales) zoomed higher in Q1, thanks to a $20 million system sale to Florida Atlantic University and a $10 million services agreement with a Fortune 100 company. Accordingly, bookings at the end of Q1 were $33.4 million, up from $13.4 million in Q4 and $1.6 million a year ago.

Those two sales agreements in Q1, coupled with the firm’s announced acquisition of Quantum Circuits, prompted CEO Dr. Alan Baratz to proclaim that “2026 is the international year of D-Wave Quantum.”

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Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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